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399-Unit Apartment Complex Sells for $35M

PLAINVILLE, MA-DSF Plainville sells Colonial Village at Plainville to an affiliate of Fairfield Residential for nearly $35.3 million. The Boston-based DSF acquired the 23-acre, 399-unit property nearly two years ago for $27 million.

By Naomi Grossman | Updated on April 20, 2004

PLAINVILLE, MA-DSF Plainville sold Colonial Village at Plainville to an affiliate of Fairfield Residential. The 399-unit apartment complex sold for approximately $35.3 million. DSF Plainville acquired the property nearly two years ago for $27 million. Josh Solomon, a principal at DSF, notes that the deal is part of a “clear strategy” that the firm had when they bought Colonial Village. He adds that the sale is allowing DSF to realize its gains in a shorter than expected time frame.

The complex, which is approximately 94% occupied, was built in the 1970′s on 23 acres and consists of 10 three-story apartment buildings. Each building contains a mix of studios, one- and two-bedroom units. Its lease rates range from $950 for a one-bedroom unit to $1125 to $1250 for a two-bedroom unit. Among the complex’s features are a clubhouse with a fitness center and swimming pool. The property is located just southwest of the intersection of Routes 95 and 495.

Simon J. Butler, vice president/partner, and Biria St. John, vice president, of the CB Richard Ellis/Northeast Multi-Housing Team represented DSF Plainville in the transaction. CBRE also procured the affiliate of Fairfield Residential.

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